Energy supplier switching has once again reached a record monthly high since changes of suppliers (CoS) almost vanished after multiple supplier business closures at the end of 2021.

There were 287,000 switches completed in April 2024 – 28 percent more than the month before and a 45 percent increase on April 2023.

This significant increase was expected as contracts among business customers expired and moved to new fixed tariffs. However, domestic switching also shot up to exceed 200,000 CoS for only the second time since late 2021.

With more fixed tariffs on the market for households, many are finding it worthwhile locking in per unit prices for 12 months or more. To support better offers being made available to households, Ofgem very recently announced that it will lift the ban on suppliers’ acquisition-only tariffs.

There have been 933,000 CoS since the start of the year compared to 641,000 for the same period in 2023.

Chart showing monthly energy supplier switching levels in GB until April 2024

In terms of switching types, all increased in April compared to the month before. Other-Other CoS more than doubled and Large suppliers also had an impressive month acquiring customers from Small and Medium suppliers.

  • Large to Large switches reached 162,000 – 20 percent more than March 2024 and 56 percent of April 2024’s total CoS completed,
  • Large to Other switches totalled 55,000 – 12 percent more than March 2024 and 19 percent of April 2024’s total CoS completed,
  • Other to Large switches reached 47,000 – 62 percent more than March 2024 and 16 percent of April 2024’s total CoS completed,
  • And Other to Other switches landed at 24,000 – 116 percent more than March 2024 and eight percent of April 2024’s total CoS completed.

Chart showing monthly energy supplier switching levels by supplier type in GB until April 2024

For more information on CoS figures, or to find out how your organisation can access the CoS data we hold and provide for the energy market, contact [email protected].

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NOTES:

The above figures relate to electricity CoS in Great Britain only.

We do not include CoS from SoLR processes or trade sales in our monthly CoS reporting. We account for only voluntary switches, or instances where the customer made an active decision and took action to change supplier, including after a contract expired.

All data is provided by EMPRIS.

ElectraLink has been granted the governance protections to hold, transfer and analyse CoS and other data.